Orascom submits takeover bid for mobile phone retailer

Mobile operator Orascom Telecom Holding has submitted an application to the Egyptian Capital Market Authority to bid for all the issued share capital of mobile phone retailer and distributor Raya Holding Technology and Telecommunications. Raya has a market capitalisation of EGP 652 million (USD 114 million), with Orascom submitting a bid of EGP 12 per share of EGP 684 million. Raya also has call centre and IT operations.

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